On January 5, 2020, "New Development, New Ideas, New Opportunities" - 2020 Tsinghua Financial New Year Forum was held. President of Tsinghua SEM School Alumni Association, Dean of Tsinghua SEM, Freeman Chair Professor Bai Chongen, Secretary-General of Tsinghua SEM Alumni Association, Tsinghua SEM Assistant to the Dean, Director of the Dean's Office, and Director of the Alumni Development Center Jiao Fang Xing, Chairman of Finance Association of Tsinghua SEM, Fang Fang, founder of Shuimu Investment Group, CEO of China Asset Management (Hong Kong) Co., Ltd., Distinguished Professor of PBC School of Finance, Tsinghua University, Zhang Xiaoling, Founder and Chairman of Zero2Z , Chairman Ni Zhengdong, Du Yongbo, managing director of Huaxing Capital , partner of Huaxing New Economic Fund, Lao Zhiming of Huatai United Securities Co., Ltd., Xu Deqiang, partner of PricewaterhouseCoopers China M&A Services Department, and Chen Song, secretary of the board and chief financial officer of Career International, attended the event .
Feng Linjun, secretary-general of Tsinghua Economics, Management and Finance Association, presided over this forum. Teachers from the Alumni Development Center of Tsinghua SEM, representatives from alumni associations of undergraduate, master, doctoral, MBA, EMBA, EE and other teaching programs, and more than 400 alumni participated in this forum.
Tsinghua SEM Assistant to the Dean, Director of the Dean's Office and Director of the Alumni Development Center Professor Fang Xing delivered a speech
Tsinghua SEM Assistant to the Dean, Director of the Dean's Office and Director of the Alumni Development Center Professor Fang Xing delivered an opening speech. She first affirmed the work of the Finance Association in the past two years, and hoped that the Association could continue to help alumni develop and provide a communication platform for alumni in the financial industry to communicate and share, provide service support, learn and grow, and help each other and love each other. Then, she introduced the basic situation of the college alumni association and the key activities in 2019 to the alumni. In the end, she said that the financial industry has always been the industry with the largest number of alumni of the school. On the occasion of the New Year, alumni from the financial industry gather together to discuss new opportunities for new development of the industry. It is the best interpretation of responsibility and responsibility. I hope this forum can integrate ideas from all parties and collide with sparks of wisdom.
Fang Fang, Chairman of Tsinghua SEM Financial Association and Founder of Shuimu Investment Group delivered a speech
Fang Fang, President of Tsinghua SEM Financial Association and Founder of Shuimu Investment Group, expressed his welcome and thanks to the guests. He said that since its establishment on December 16, 2017, the Tsinghua Economics, Management and Finance Association has adhered to the principle of gathering the strength of alumni and extensively contacting the financial industry and alumni from all walks of life. With hard work, a series of colorful activities were held. Tsinghua SEM's alumni love and full of positive energy are the powerful driving force that has been encouraging the Finance Association to move forward. Finally, Fang Fang said that in the future, the Financial Association will, as always, actively do a good job in alumni services, continue to strengthen alumni contacts, and help alumni development.
Bai Chongen, Freeman Chair Professor and Dean of Tsinghua SEM, gave a keynote speech
Afterwards, Bai Chongen, Freeman Chair Professor and Dean of Tsinghua SEM, talked with you on the topic of "Several Main Factors Affecting China's Macroeconomy in 2020" was shared. He started his speech from the transformation of my country's economic growth mode, which put forward new requirements and greater challenges for the business environment, and successively analyzed the reasons for the adjustment of my country's economic structure in the past two years, the internal and external factors that affect the current growth rate of my country's economic development, and our current situation. Some financial measures taken in the process of meeting the comprehensive realization of a well-off society. He analyzed that in the process of my country's transformation from a high-speed growth model with a single goal to a high-quality growth model with a more comprehensive goal, some new problems will be brought about in corporate governance. Then he pointed out that in recent years, the domestic institutionalized business environment has been greatly improved, but the reform of the financial system has not kept up, and new governance problems have been brought about by multi-objective management. In order to effectively improve governance capabilities, he proposed that efforts should be made in three aspects in the future: one is to allow market players and the public to have a greater say in the formulation and evaluation of rules; The department responsible for the business environment will provide one-stop services; third, industry associations will play a greater role in improving the business environment.
Professor Zhang Xiaoling gave a speech
CEO of China Asset Management (Hong Kong) Co., Ltd., Distinguished Professor of Tsinghua University PBC School of Finance Zhang XiaolingHe shared with you the topic "Overseas Development Strategy of Chinese Financial Institutions under the Background of Sino-US Frictions". He made a systematic review of Sino-US relations and globalization, and introduced the overseas development of Chinese financial institutions.
Alumnus Ni Zhengdong made a speech
Zero2IPO Group founder and chairman Ni Zhengdong delivered a keynote speech on "Investment and Financing Strategies Facing Capital Winter". Based on accurate data analysis, he systematically sorted out the current development of domestic equity investment and capital markets from the aspects of capital management, total fundraising, RMB fund market and foreign currency fund market. Ni Zhengdong said that the capital structure of my country's equity investment market has changed, and the penetration rate of state-owned assets has further increased. The investment industry is concentrated in the fields of IT, Internet and medical health. In the end, alumnus Ni Zhengdong pointed out that China’s equity investment will still face great challenges in the next ten years, and they will all move towards the road of "precision investment". In the choice of future development strategy, a development method of large and strong or small and refined should be adopted. Finally, he pointed out that funds with state-owned, foreign-owned and private backgrounds will usher in new opportunities for development.
On-site alumni questions
The speeches of the guests were wonderful. After the speeches, the alumni raised many high-quality questions to the guests, and the atmosphere was very enthusiastic.
Roundtable dialogue session
Afterwards, Du Yongbo, Lao Zhiming, Xu Deqiang, and Chen Song conducted an in-depth dialogue in the form of a roundtable forum on the topic of "Enterprise Development and M&A Opportunities under the New Situation".
Du Yongbo said that under the current investment background, cash flow is very important; from the perspective of fundraising, it is more difficult to raise funds in RMB; from the perspective of investment, the whole has entered a stage of spiral adjustment and upward. Lao Zhiming explained to everyone the current development of the M&A market: First, with the economic downturn, the number of M&A transactions for development is also decreasing; second, at the policy level, due to the influence of policies, M&A transactions are more difficult to occur; Third, for industry integrators, the economic downturn may be a good opportunity for merger integration. Xu Deqiang pointed out that the data of strategic acquisitions, VC/PE and overseas mergers and acquisitions are all declining, mainly due to the continuous increase in the difficulty of raising funds for RMB funds; Mergers and acquisitions worth more than 100 million yuan have also continued to decline. However, the investment of small and medium-sized enterprises in many subdivided industries in Europe and the United States is increasing. The more difficult the period of capital winter, the more the period of rapid expansion at low cost. Chen Song pointed out that if a listed company wants to expand in scale through mergers and acquisitions, it must combine it with its own strategy; secondly, if a company hopes to break through in the development of a company, talents are the most important factor.
Finally, several guests conducted in-depth discussions on the types of mergers and acquisitions, opportunities and challenges of mergers and acquisitions. Since 2018, the Chinese economy has faced a series of new challenges. However, from the perspective of the development of the global capital market, the downturn in market conditions and asset prices has provided rare investment and merger opportunities for real leading companies and value investors, and the merger and acquisition market will also be driven by The original high valuation, high premium, and high VAM model has entered a new era that focuses on industrial synergy, industrial integration and upgrading. It can be said that mergers and acquisitions will become a hot spot in China's capital market in the next 3 to 5 years.
Group photo of the event
This forum is co-hosted by the Tsinghua SEM Alumni Development Center and the Tsinghua School of Finance Association. More than 400 alumni gathered together to discuss the historical development opportunities and challenges under the new situation, and actively seek high-quality development under the opportunities of the new era. Suggestions and suggestions.
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